Which situation below would represent a surplus in the fertilizer market?
A. quantity demanded is 1.2 million; quantity supplied is 1.1 million.
B. market price $2.00 per bag; equilibrium price $2.25 per bag.
C. market price $2.50 per bag; equilibrium price $2.00.
D. quantity supplied this year is 25% greater than quantity supplied last year.
C. market price $2.50 per bag; equilibrium price $2.00.
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With which choice are you more likely to avoid Bid-rigging cartels?
a. Holding English auctions b. Holding sealed-bid auctions c. Holding oral auctions d. All of the above
Explain what is meant when it is said that the demand for labor is a derived demand
If the slope of a curve is 1/3, we know that
A) the relationship is linear, and the line moves from lower left to upper right. B) the relationship is non-linear, and the line moves from lower left to upper right. C) the relationship is linear, and the line moves from upper left to lower right. D) the relationship is non-linear, and the line moves from upper left to lower right.
In the case of a public good, a demand curve that shows the marginal benefit of the good is:
A. nonexistent. B. perfectly inelastic. C. the horizontal sum of individual demand curves. D. the vertical sum of individual demand curves.